What is a Vyne Settlement account?
All payments taken through Vyne are received into a bank account operated by Vyne. This account sits between you and your customer and is what we refer to as the Settlement account. This account allows us to provide real time updates and 100% confirmation of funds.
When your customers make a payment, the funds are usually received into the Settlement account within a few seconds. We will then batch up all the payments for the day, less any refunds you've processed and send one payment to your designated business bank account.
As long as there have been payments made into the Settlement account and the balance is above any Reserve amount set, the transfer or sweep should take place - this includes over weekend and bank holidays.
For more information about managing your Settlement Accounts, please click here.
Creating a Settlement account
Once you have completed your Merchant Back Office sign up (find out how here), you'll be directed to our portal page while your application is in progress.
Only once your application has been approved, will you be able to create a Settlement account.
You can then set a Reserve amount which enables you to keep a balance of funds available in your account for refunds. We suggest a minimum of £100 to ensure all refunds can be processed in real-time once requested.
Each day at 23:59 (unless set otherwise), the balance of your Settlement account will be transferred to your own business bank account (known as your destination account), less any Reserve amount that is set on the account.
Setting your reserve amount
Setting a reserve amount means that as part of our daily transfer payment to your destination bank account, we will withhold the reserve amount you set within the Settlement account. This allows for there to always be funds available in the Settlement account should refunds need be processed outside usual business hours or early in the day before additional sales are made.
By default the reserve amount is set to zero, however you can amend this from within the Vyne portal using the following path:
Select the Reconciliation menu item > Click the Manage settlements accounts button > Select the 3 dots on the account you would like to edit > Select the Edit account tab > From here you can edit the Reserve amount > Click to Save Changes
TIP: This is recommended if you are using refunds or payouts.
Tip from Vyne
We would suggest to set a minimum of £100 to ensure refunds can be processed in real-time. However, if you are continually processing higher or lower amounts you can update this based on the trends or patterns you are seeing with your refund amounts.
If you have any questions regarding Settlement accounts or require assistance, please don't hesitate to contact us.